Lauren RubensteinProfessor of Economics Richard Grossman provided an "expert view" on the question "Will Japan's economy rebound under Abenomics and resume its growth?" in an issue of SAGE Business Researcher on "Doing Business With Japan." Japan's economy has performed poorly during the past two decades, and many wonder if it will ever "recover its former glory." Grossman took the affirmative view, arguing "there is good reason to believe that Japan will emerge from its funk and achieve growth rates similar to those of its counterparts in the developed world." He writes that the prospects for success depend on the effectiveness of Prime Minister Shinzo Abe's…
Richard Grossman, professor of economics, recently presented a talk titled, "An historical perspective on regulatory competition versus cooperation: the view from economics" at the third annual Conference of the University Research Priority Program. The conference, held June 1-2 at the University of Zurich Institute of Law, was titled, "International Aspects of Financial Regulation: Competition vs. Coordination." Grossman's talk focused on cross-border cooperation between international bank regulators in the wake of the U.S. subprime and European debt crises—an effort to enhance banking stability. Examples include the Basel capital accords and European Stability Mechanism. Grossman put these into historical context by looking at…
MarketWatch columnist Howard Gold turned to Professor of Economics Richard Grossman for his take on reforming the Fed. Gold took issue with calls from presidential candidate Sen. Rand Paul and others to "audit the Fed," but instead advocated for term limits for Fed chair-persons and changes in the pivotal Federal Reserve Bank of New York. On the matter of term limits for the Fed chair, Grossman spoke of former chairman Alan Greenspan, who stuck around nearly 19 years. (more…)
Professor of Economics Richard Grossman recently presented the keynote address at a conference held at the Austrian National Bank. The presentation, made on March 11, was titled, "Interest rate cycles and implications for the financial sector: a long-term view." A summary is available here. The conference was jointly sponsored by Austria's central bank (the Oesterreichische Nationalbank), SUERF (the European Money and Finance Forum), and BWG (the Austrian Society for Bank Research).
Olivia DrakeRichard Grossman, professor of economics, is featured in a radio interview with Share Radio in London Feb. 19. In the interview, Grossman talks about the consequences of the European Central Bank's new quantitative easing (QE) policy, which may stimulate an economy when a standard monetary policy has become ineffective. The ECB's action follows in the footsteps of the central banks of Japan, the United Kingdom, and the United States, which also have used quantitative easing in the 2000s. A concern that has been raised about the introduction of QE is that persistent low interest rates will lead to another boom-bust…
Professor of Economics Richard Grossman recently accepted two new posts. He was appointed to be a research fellow in the Economic History Program of the London-based Centre for Economic Policy Research (CEPR). Founded in 1983, CEPR's mission is "to enhance the quality of economic policymaking within Europe and beyond, by fostering high quality, policy-relevant economic research, and disseminating it widely to decision-makers in the public and private sectors." Grossman is one of only a few American research fellows at CEPR. He was also recently appointed associate editor for socioeconomics, health policy and law of the journal Neurosurgery. See here for a bio of…
Professor of Economics Richard Grossman spoke to China Daily about gold price fluctuations in connection with the Chinese New Year and other annual celebrations. Many in the Chinese community purchase gold jewelry and other gifts to help celebrate the holiday. "There does seem to be a seasonal element to consumer demand for gold in several countries. In China, demand increases in months leading up to the New Year. In India, it is said to increase during the holiday/wedding season, which runs from the end of September through January," said Grossman. But, he added, inflation, currency movements, and economic and political stability are "far…
The foreign exchange, "forex," scandal was a series of conspiracies, writes Grossman
Richard Grossman, professor of economics, delivered a keynote speech at the 10th Chief Risk Officer Assembly in Munich, Germany on Nov. 19. The speech was based on his book, WRONG: Nine Economic Policy Disasters and What We Can Learn from Them (Oxford University Press), and focused the consequences of government policy for economic risk. The CRO Assembly is organized by Geneva Association, an insurance industry think-tank, and the CRO Forum, which is made up of chief risk officers from large (primarily European) multi-national insurance and re-insurance companies. The conference took place at the headquarters of Munich RE, one of the world’s largest…
On Oct. 24, Richard Grossman, professor of economics, was a discussant at a conference titled “Organizations, Civil Society, and the Roots of Development," organized by the National Bureau of Economic Research in Cambridge, Mass. Grossman commented on a paper by Dan Bogart (University of California at Irvine) titled “Securing the East India Monopoly: Politics, Institutional Change, and the Security of British Property Rights Revisited.” The paper focuses on the history of the English East India Company and ways it yields new insights on the relationship between politics, institutional change, and the security of property rights in Britain.
Professor of Economics Richard Grossman, author of Wrong: Nine Economic Policy Disasters and What We Can Learn to Them, was interviewed on Concord News Radio about policy decisions made in the aftermath of the financial crisis. "The actions that were taken in the wake of the financial crisis, I view as having been completely necessary. If you go back and look at the Great Depression,when the government didn't do enough and the central bank for sure didn't do enough, then you get a sense of how bad things can be," said Grossman. "When you're just a few inches away from financial Armageddon, even if the policy isn't…
Richard Grossman, professor of economics, was invited to become a Research Network Fellow of CESifo, a leading European economic research organization based in Munich, Germany. The CESifo Group consists of the Center for Economic Studies at the Ludwig Maximilian University of Munich, the Ifo Institute of Economic Research, and the CESifo Munich Society for the Promotion of Economic Research. CESifo combines the theoretically oriented economic research with empirical research and is often at the center of economic policy debates in Germany and throughout Europe. As a fellow, Grossman will be a member of the Network’s Money, Macro, and International Finance area and…